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What does the "Place" element of the marketing mix focus on?
A) The geographical location of the business.
B) The distribution of the product to the right customers at the right time.
C) The price range for the product.
D) The type of promotions offered to the customer.
B) The distribution of the product to the right customers at the right time.
Which of the following best describes an "opportunity" in the entrepreneurial process?
A) A well-defined customer demographic
B) A business idea with potential to become a commercial product or service
C) A competitor's weakness
D) A marketing tactic
B) A business idea with potential to become a commercial product or service
What is the goal of penetration pricing?
A) To set high prices to maintain an exclusive image
B) To initially set low prices and increase them once market share is gained
C) To price products based on competitor benchmarks
D) To offer products with high price tags to reflect quality
B) To initially set low prices and increase them once market share is gained
What is the purpose of getting the initial reactions of the primary target market in the "Concept Stage"?
A) To develop a marketing plan
B) To understand customer preferences on physical characteristics and attributes of the product or service
C) To set a price for the new product
D) To determine the cost of production
B) To understand customer preferences on physical characteristics and attributes of the product or service
In the 7Ps, what does "Process" refer to?
A) The production techniques used to manufacture the product.
B) The sequence of actions and systems used to deliver a product or service to customers.
C) The marketing campaign planning process.
D) The customer feedback loop.
B) The sequence of actions and systems used to deliver a product or service to customers.
Which of the following best describes the customer acceptance test in the Concept Stage?
A) It involves gathering initial reactions from the primary target market and distribution channels.
B) It involves eliminating non-feasible ideas.
C) It involves launching the product immediately after the test.
D) It focuses only on the physical appearance of the product.
A) It involves gathering initial reactions from the primary target market and distribution channels.
If an entrepreneur sets a price based on the total cost of a product and adds a percentage for profit, which pricing strategy are they using?
A) Cost-plus pricing
B) Premium pricing
C) Bundling
D) Penetration pricing
A) Cost-plus pricing
Why is "People" considered an important element in the 7Ps of marketing?
A) Because people determine the company’s pricing strategy.
B) Because customers prefer interacting with staff rather than using online systems.
C) Because people determine the product distribution channels.
D) Because employees and staff play a critical role in customer experience, especially in service industries.
D) Because employees and staff play a critical role in customer experience, especially in service industries.
What is a Unique Selling Proposition (USP) focused on?
A) Identifying competitors' weaknesses.
B) Building a product with the lowest price.
C) Highlighting what differentiates your product from competitors.
D) Conducting customer service training.
C) Highlighting what differentiates your product from competitors.
Which pricing strategy involves offering two or more products or services at a discounted price?
A) Penetration pricing
B) Bundling
C) Product line pricing
D) Premium pricing
B) Bundling
What is the main goal of promotion?
A) To advertise products to as many people as possible.
B) To gain attention from the public and target market.
C) To inform the government about the business activities.
D) To engage with competitors in marketing strategies.
B) To gain attention from the public and target market.
Which of the following best defines a Value Proposition (VP)?
A) A statement that describes why customers should buy a certain product or service.
B) A strategy used to reduce costs in business operations.
C) A sales technique used to convince consumers.
D) A list of product features and specifications.
A) A statement that describes why customers should buy a certain product or service.
What is the main objective of the "Idea Stage" in the entrepreneurial process?
A) To conduct product sales
B) To determine feasible products or services that suit the opportunity
C) To establish a brand identity
D) To secure financial investment
B) To determine feasible products or services that suit the opportunity
What is the primary goal of packaging in marketing?
A. To reduce the cost of production
B. To differentiate the product from competitors
C. To focus only on environmental protection
D. To offer warranties and after-sales services
B. To differentiate the product from competitors
Are like competitors but their products are not the same.
a. Complementors
b. Competitors
c. Substitutors
d. Influencer
c. Substitutors
Are those who have products and services similar to you and where customers who are buying something will compare your offerings and prices directly, weighing one up against the other
a. Complementors
b. Competitors
c. Substitutors
d. Influencer
b. Competitors
Public relations primarily aim to:
A) Directly sell products to customers.
B) Build the business’s positive reputation among stakeholders.
C) Set competitive prices based on market research.
D) Promote products through paid advertisements.
B) Build the business’s positive reputation among stakeholders.
Physical characteristics of a product or service include which of the following?
A) The convenience of buying the product
B) The primary function of the product
C) Packaging, design, or the customer experience
D) The company's brand logo
C) Packaging, design, or the customer experience
Are those who sell non-competing products and which generally help your sales.
a. Complementors
b. Competitors
c. Substitutors
d. Influencer
a. Complementors
In the context of coffee, which of the following would be considered an example of a core benefit?
A) The aroma of the coffee
B) A loyalty card for a free coffee
C) Feeling energized and alert after drinking coffee
D) The packaging of the coffee
C) Feeling energized and alert after drinking coffee
What is a key characteristic of premium pricing?
A) Offering discounts on multiple products
B) Pricing products based on competitor prices
C) Setting a very high price to reflect exclusivity and elitism
D) Adding optional features for additional revenue
C) Setting a very high price to reflect exclusivity and elitism
In which of the following methods are participants given an inventory of product or service problems beforehand?
A) Focused Group Discussion (FGD)
B) Brainstorming
C) Brainwriting
D) Problem Inventory Analysis
D) Problem Inventory Analysis
In the Product Development Stage, what is the role of the consumer panel?
A) To decide whether the product should be sold.
B) To critique the actual product or service and compare it with competitors' offerings.
C) To purchase the product in small quantities.
D) To suggest new product ideas.
B) To critique the actual product or service and compare it with competitors' offerings.
Setting the price of a haircut at ₱199 to make it seem lower than ₱200 is an example of which pricing strategy?
A) Cost-based pricing
B) Premium pricing
C) Psychological pricing
D) Optional pricing
C) Psychological pricing
What are the actual sales results in the Test Marketing Stage used for?
A) To determine if the product needs to be redesigned.
B) To decide on the level of advertising needed.
C) To measure consumer acceptance and the foundation for commercialization.
D) To eliminate competition in the market.
C) To measure consumer acceptance and the foundation for commercialization.